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Finance Act 1984
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Changes over time for: Section 63
Version Superseded: 25/07/1991
Alternative versions:
- 01/02/1991- Amendment
- 01/02/1991
Point in time - 25/07/1991- Amendment
- 06/03/1992- Amendment
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63 Capital gains tax: small gifts, instalments and monetary limits for reliefs etc.U.K.
(1)In the Capital Gains Tax Act 1979,—
(a)section 6 (gains accruing to an individual on gifts of assets not exceeding £100 in any year not to be chargeable gains), and
(b)sections 8 and 9 (postponement of payment of tax), shall cease to have effect.
(2)In section 107 of that Act (small part disposals of land) in each of paragraphs (a) and (b) of subsection (3) (the monetary limits) for “£10,000" there shall be substituted “£20,000".
(3)In section 80 of the Finance Act 1980 (exemption for gains on letting of private residences) in subsection (1)(b) (the monetary limit) for “£10,000" there shall be substituted “£20,000".
(4)In section 124 of the Capital Gains Tax Act 1979 (relief for transfer of business on retirement) in subsection (3) (the monetary limits)—
(a)in paragraph (a) for “£50,000", there shall be substituted “£100,000"; and
(b)in paragraph (b) for “£10,000", in each place where it occurs, there shall be substituted “£20,000".
(5)Subsection (1) above has effect with respect to disposals on or after 6th April 1984 and subsections (2) to (4) above have effect with respect to disposals on or after 6th April 1983.
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